The present description relates generally to the field of analyzing and reporting sales data, and more specifically to methods of and systems for analyzing and reporting sales data by classifying retail products and services using price band categories.
Price is a classification which is often used by merchants in order to analyze and report sales data for retail products and services. Price is not a useful classification, however, where the actual price of the products or services is subject to frequent change. While ad-hoc price-based groupings may be created to account for changes in price, the creation of such groupings is inefficient and time consuming. Thus, there is need for a method for and system of classifying retail products and services using price band categories which provides for convenient and efficient reporting and analysis of sales data for retail products and services.